CHICAGO — The Illinois secretary of state has temporarily suspended former Grigsby & Associates Inc. public finance banker Alvin J. Boutte Jr.’s license, accusing him of providing misleading advice to the Illinois Student Assistance Commission in its $12.8 million investment in a failed Chicago bank.

Secretary of State Jesse White’s securities department issued the order on Oct. 3 after neither Boutte, who was based in the firm’s Chicago office and listed as a partner and managing director, nor his attorney appeared to answer questions regarding the investment at a hearing Sept. 21.

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